Planning Your Estate Involving Art
Most people enjoy art and many have a special painting or sculpture in their homes. Those with substantial resources may have works of art that are considered quite valuable. In cases where there is an art collection, you may consider it as an asset with increasing value. Consequently, in estate planning, you will want to know about including these works of art in your estate and how they are to be bequeathed to your heirs along with the tax consequences.
The initial thing to do before naming beneficiaries to your art collection is determining if they even want the item. Not everyone is an aficionado of the arts and if they inherit a piece of art with some value, they may want to sell it immediately, or not appreciate the care such art may require. If they do wish to retain the art piece, it may require expensive preservation or a special insurance policy.